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News release

Washington D.C.

Jones Lang LaSalle Closes Sale of Diverse Multifamily Portfolio in Suburban Baltimore

Limited supply, rising rent rates buoy Windsor Mill submarket

WASHINGTON, D.C., Jan. 22, 2014  —  On behalf of a nationally recognized REIT, Jones Lang LaSalle’s (JLL) Capital Market experts announced the sale of a three-property multifamily portfolio located just outside the Baltimore Beltway in the Windsor Mill suburb. Morgan Properties recently purchased the 500-unit portfolio.

Managing Directors Al Cissel and Scott Melnick, Senior Vice President Christine Espenshade and Vice President Robert Garrish led JLL’s team on the transaction.

“Rent rates are up 4.5 percent in the Windsor Mill submarket, along with limited new supply,” said Espenshade “The properties are 97 percent or higher occupied and Morgan Properties can look forward to continued strong performance from this portfolio.”

Added Cissel, “The properties are located near top employers and with continued job growth in the area, demand for apartments will increase.”

The portfolio is composed of Cedar Tower Properties, a 172-unit mid-rise complex, Cedar Garden Property, a 228-unit garden community and Valley Terrace, a 100-unit apartment and townhouse complex. Amenities featured include balconies, breakfast bars, spacious living areas, walk-in closets and community pools.

Jones Lang LaSalle Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2012 alone, Jones Lang LaSalle Capital Markets completed $63 billion in investment sale and debt and equity transactions globally. The firm’s dealmakers completed $60 billion in global investment sales and buy-side transactions, equating to nearly $240 million of investment trades completed every working day around the globe. The firm’s Capital Markets team comprises more than 1,300 specialists, operating all over the globe.

For more news, videos and research resources on Jones Lang LaSalle, please visit the firm’s U.S. media center Web page:

About Jones Lang LaSalle 

Jones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $46.7 billion of real estate assets under management. For further information, visit